The EU and the Republic of Kiribati have initialled a new bilateral Fisheries Agreement for an initial period of three years. This agreement, which is the first concluded by the EU in the Pacific region, will provide fishing possibilities exclusively for tuna for EU vessels fishing in the waters of Kiribati. The EU financial contribution will be approximately €1.378m (US$1.370m), a portion of which will be allocated to targeted measures to strengthen Kiribati's participation in regional and international fisheries organisations and to support the country's institutional capability in the fisheries area.